Just got a cryptic SMS from SARS about “auto-assessment“? Relax, you’re not in trouble. This is actually good news! SARS is streamlining things with a new system that could save you time on your taxes. But before you hit snooze forever, here’s what you need to know.
What’s the Deal with Auto-Assessment?
SARS is using info from your employer, bank, and other sources to pre-fill your tax return. Think of it as a helping hand to get you started. If everything looks good, you can simply accept the auto-assessment and be done! No more scrambling for receipts.
Is This Right for Me?
Auto-assessment is great for many South Africans, especially those with straightforward finances. However, if you have deductions, claimed medical expenses, or run a side hustle, you might need to review the details more closely.
Example of an auto-assessment sms from SARS
What Should I Do Now?
- Log into eFiling. The first thing to do is to log into eFiling or the SARS MobiApp and view your assessment. You will see all the data used to calculate your assessment..
- Review Carefully. Don’t just skim! Make sure all the info is accurate, especially income, deductions, and credits.
- Accept or Edit. If you agree with the assessment, check if a refund is due to you or if you owe SARS. If a refund is due, then there is nothing more you have to do — you can log out and wait for the refund, which you can expect within approximately 72 hours, provided your banking details with SARS are correct. If you owe SARS, then make the payment via eFiling or SARS MobiApp on or before the payment due date. The payment due date of the amount owed to SARS is displayed on the “Notice of Assessment” (ITA34). If you do not agree with the assessment, you can access your tax return via eFiling or SARS MobiApp, complete the return, and file it on or before the normal due date for non-provisional taxpayers of 21 October 2024. If your auto-assessment was issued after 21 October 2024, file within 40 business days after the notice of assessment.
Why Use an Accountant?
Auto-assessments might miss deductions you’re entitled to, like medical expenses or charitable donations. We’ll ensure you get the maximum refund (if any!) and avoid any potential tax surprises.
Here’s How We Help:
- Review your Auto-Assessment: We’ll double-check the pre-filled info and make sure it’s accurate.
- Maximize Deductions: We’ll uncover any deductions you might have missed, saving you money.
- Peace of Mind: Relax, knowing your tax return is in expert hands.
Don’t Go It Alone!
Auto-assessment might seem simple, but tax laws can be tricky. Let us handle the heavy lifting and ensure you get the best possible outcome.
Contact us today for a free consultation!
P.S. Remember, the deadline to review and submit (if needed) is October 21st, 2024. Don’t miss out!
Still Unsure? No sweat! you can consult our registered tax practitioners for personalized advice.
So, there you have it! Auto-assessment can be a breeze for many South Africans. Just be sure to review the details and take action if needed. Now go forth and conquer tax season!
